Forex trading, or currency trading, is one of the most easily accessible types of trading there is. It is international in scope, and the brokers that facilitate trades serve clients from all over the globe.
For many people, that bit of information alone is enough to be overwhelming. We get it; Forex trading is the world’s most highly used and most valuable marketplace, after all. More money changes hands on a daily basis in Forex trading than anywhere else in the financial markets. It can be daunting.
If you’re looking for ways to learn more about this and how to partake in it, then you’ve come to the right place. Keep reading to find out more about Forex trading and how you can start trading this market today. It’s going to be a long and busy ride, but it’s one that is well worth the effort you put into it.
- Which Percentage of the People Want Rebates for Every Trade They Take? 100%
What You Will Find Here
We know that there are a lot of Forex websites out there. After a while, they can start to blend together. So, what makes our site different?
Here, we have trusted and successful Forex traders creating material that can help you. We cover different types of trading and trading methods, cover things like money management and risk control, and even how to select a currency pair to trade. But one of our readers’ favorite resources on this site is our Forex broker review section.
Because face it: there are a lot of Forex websites out there, and many of them are very good. We’re not trying to recreate the wheel here. We just want you to have access to the best study material that you can find on the web, and we hope to cover every aspect of Forex trading, down to the nitty gritty of how to select the best broker for your trading style and background.
One of the simplest ways to approach the markets is to trade the news. This is often used as a way to come up with trading ideas by beginners, but expert traders tend to use this method as well, just because it has so much potential when placed in the right hands. Trading the news involves finding a currency pair that is receiving media attention, and then correctly predicting how that media attention may or may not impact its price. It sounds simple at first, which is why so many new traders are attracted to this method. But let us assure you that nothing in the financial markets is ever as easy as it seems at first look. To be successful with this method, a good deal of practice and experience is needed.
One way that traders gain experience without increasing the amount of risk that they take on is through demo trading. If you’re new to this concept, this should be where you spend your first few weeks of Forex trading. Demo trading lets you use the broker of your choices software in real time, watching currency pairs move just like they do when real money’s involved. Instead of risking your own cash, though, you will be using practice money. The hope is that the time spent demo trading will help to prepare you for the real thing. Think of it as a trial run before you start risking your own hard earned money.
CFDs, or contracts for difference, are very similar to Forex trading, but they can be used for any type of asset. When you’re trading currency pairs, you are focusing on the spread between the bid and the ask, and then going as far in the correct direction as possible. This is exactly how CFD trading works, but these types of trades allow you to apply the same principles to stocks, indices, and commodities, depending on what the broker that you’re currently using offers. CFDs started in the world of Forex trading, and they are beginning to catch on in other markets. Right now, it is mostly Forex and binary options brokers that offer CFDs, but their increasing popularity will likely lead to an expansion. If you’ve never traded this type of thing before, be sure that you use a demo account until you are comfortable with the mechanics of placing a profitable trade.
Every single great Forex trader has a strong broker or two that they rely upon. Not all brokers are created equally, and some are far better than others. Unfortunately for you, it’s not as easy as saying that Broker A is better than Broker B and having a clear and decisive best broker to go to. Depending on what and how you trade, you will find that some traders benefit from one broker while others might benefit most from another.
So, what should you be looking for when you choose a broker? There are a handful of things to consider, and we can walk you through some of them right here.
There are several factors that make for a good broker. First, you want a broker that is reputable and legal. Make sure that they are affiliated with the right organizations for where they are located, and make sure that they are really who they say that they are. Usually, a simple internet search can narrow out the bad sites from the good ones. Check out forums and blogs, too.
Next, look at what the broker has to offer you. Do they have the currency pairs that you need? Do they offer a CFD option, if that’s something that you’re interested in? What about their spreads? Are they competitive? Are they competitive for the pairs that you will be trading, or just the ones that are far less popular? What are their leverage policies? These are the types of questions that you should be asking if you want to find not just a great broker, but a great broker for your needs as a trader. It’s important that you have a basic idea of what you’re looking for as a trader before you begin your search.
If you aren’t quite sure about that yet, don’t worry. You are in a good place to help you find out.
What to Look Out For
Again, not all Forex brokers are the same. But some of them have so many negative qualities that they are not worth your consideration. We call these blacklisted Forex brokers. These are brokers that have had really bad client reviews in the past, have participated in some shady accounting or money management practices, or are just plain old scams.
While we can’t provide an up to the minute list of bad brokers, we can provide you with the information that you need to learn how to stay away from these yourself. We can give you the information that you need to know how to be on the lookout for them and make an informed decision all alone.
MetaTrader has become the go-to trading platform for pretty much every reputable Forex broker out there. The platform is thorough, powerful, and very effective. But if you’re going to be successful with your trades, you need to know how to efficiently and accurately use this piece of software. That’s not always easy, especially if you are new to the world of Forex trading. We have the information you need to master MetaTrader and start using it to make better and more informed trades. Walk-throughs, pictures, and videos will help you to learn more about MT and use the charting tools that it provides.
Forex Software and Product Reviews
Over the years many products have come to the market to assist traders with their trading of the Forex market. Currently there are still dozens of quality products out there. Take a peak at our Forex reviews section to determining if any of these products will help you. We try to avoid scam and shady products, but they can get lost in the mix sometimes. Please let us know if something stands out. Products reviewed are trading software, Forex robot trading, signals, bitcoin trading, auto trading software, indicators and much much more. One of the best news trading resources is the Secret News Weapon. Other sites that offer site reviews such as the Advanced Loss Recovery – ALR is one to look at.
CryptoCurrency and It’s Growth
The last couple of years has really shown the power of crypto currencies such as Bitcoin and Ethereum. Most of these items are new to all the major players out there. However, the following of these coins has grown so much that they can’t be ignored. Be sure to look into trading coins like Bitcoin, as it is a strong moving asset. Although it is relatively new to the trading world and risks are high, these could be a way you trade in the future. We will carry a section on these, so please read up.
Taking it to the Next Level
The best traders are always thinking about their next move. That might be trying to set up the next big successful trade, or it might be finding a new way to approach a currency pair to try and cover more pips in your favor. It might even be trying to figure out how to use leverage more effectively to squeeze every bit of profit you can out of every single trade. The world of Forex trading is big, and it can be very complicated to get all of your components working together to give you the biggest advantage possible.
Is trading tough? Yes. Can you lose money? Yes. Is it worth getting better at? Definitely yes. Can we help you become a better trader? Yes or we will at least do our best.
Our site has the resources that you need to keep improving. It doesn’t matter if you just started Forex trading, or if you’ve been doing it for years. There is a lot of potential in this market, but there’s also a lot of difficulty. We can help you around the tough stuff and guide you toward the resources that you need to be more successful.
And as always, please feel free to get in touch with our communications team if you have any questions about the content on the site or if there’s any area of trading that you want to see covered that isn’t. Like you, we are still improving as traders—even after years of studying the markets!